Cash Match Plan
The Cash Match Plan is open only to benefitted (.50 FTE or greater) employees enrolled in the TIAA or Fidelity 403(b) plans or the 457 DCP.
Cash Match Amounts
An employee contribution of $40 or more per pay period will generate a $20 cash contribution from the state (see chart for exact dollar amount based on number of pays). Employees contributing less than $40 per paycheck will receive an employer cash match of 50% of their contribution.
If your are enrolled in the VRS Hybrid plan, please remember that you’re eligible for the Cash Match only after you contribute the additional voluntary 4% to the Defined Contribution side of the Hybrid plan.
| Number of Pays per Year | Cash Match Maximum per Pay Period |
|---|---|
| 24 Pays (semi-monthly) | $20.00 |
| 18 Pays (9-month paid over 9 months) | $26.66 |
| 26 Pays (bi-weekly) | $18.46 |
Eligibility
Employees must be making a contribution to one of the following pre-tax savings plans:
- Tax Sheltered Annuities (TSA):
- Fidelity Investments
- TIAA
- Virginia's 457 Deferred Compensation Plan (DCP)